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20131201
20131231
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ALJAZAM 15
KQED (PBS) 4
CNBC 3
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English 29
Search Results 0 to 28 of about 29 (some duplicates have been removed)
Al Jazeera America
Dec 5, 2013 11:30am EST
untouchable, protected by the michigan state constitution. kevin orr is detroit's emergency manager. >> there is not ruc restructur ing. >> bisi onile-ere is covering the bankruptcy for al jazeera. >> the judge has given orr until march to submit a restructuring plan for the city. this is a report that the emergency manager said he will complete within the next couple of weeks. this is when we'll get a good idea of how deep orr's cuts will go, and how he plans to generate new revenue here in the city. retirees will get a better idea of how much they stand to lose. >> with a crushing $18 billion in debt, unions, pension funds and retirees as well as other creditors could stand to lose. for every $1 detroit collects, $0.40 goes back to paying off legacy debt, a figure that could rise as much as $0.65 without bankruptcy relief. when a city files for chapter 9 it must first qualified for protection before reducing it's debt to creditors. additionally it must negotiate in good faith with those creditors who understand that they'll be paid also than they are owed. some say that hasn't hap
MSNBC
Dec 3, 2013 2:00pm PST
city manager, kevin orr, will now take complete control of detroit. earlier today, the mayor, dave bing, said that it's a sad day for workers in detroit and the city. >> it's very, very important, i think, that we respect the fact that the emergency manager has the key to the city at this point in time. i know there are a lot of people that are upset, that are concerned about their futures. but we are now starting from square one. it's a process that i think we need to take a lot of care, because there's going to be pain for a lot of different people. but in the long run, i think the future of the city will be bright. >> i offer to you tonight, this is unnecessary pain. there is a way out. kevin orr now holds the keys to the city of detroit. this guy, not an elected official, is apointed. he was hand-picked by republican governor rick schneider, to oversee detroit's bankruptcy. earlier today, orr said that pensions are going to be cut, and public workers, their pensions are going to be on the table. >> approximately 40% of every dollar that the city takes in the general fund goes to pay
FOX News
Dec 3, 2013 10:00am PST
forward. kevin orr said that is unavoidable. >> we are trying to be thoughtful and measured and human about what we have to do. i can tell them, the reality is there is not enough money to address the situation no matter what we do. >> reporter: the employee's union ask me, filed an appeal saying that employees are left hanging. and taking note of the judge's declaration that the city did not bargain in good faith and there was no practical way to do so. >> we are disappointed with the fact that the judge found they didn't have to. it is bad for detroit and sets a bad precedent for other cities. >> reporter: the changes are not immediate. the plan of adjustment that it is called for the city of detroit moves forward. kevin orr said it is an opportunity for the cities to move together. it is the start of the fight. alisyn. >>> afghan leaders will not sign a troop agreement with the u.s. apparently the taliban gets a vote in the deal as well. we'll explain all of. that>>> plus a warmer for swimmer ares and boaters after a deadly shark attack. >> he was tethered to another kya ct and t
MSNBC
Dec 3, 2013 1:00pm PST
of democratic principle, because kevin orr, good brother he is, is really in place of a mayor who the people elected. not only that, they didn't want a city manager to be appointed. and despite their wishes, despite the wishes of the voters, a governor imposed this on the voters of detroit. and now when you bring kevin orr in, look, if you are having trouble in your marriage, do you bring in a divorce lawyer or counselor? which one you bring in tells me what you're thinking about. already they were thinking we're going to bankrupt this city. and there's 100 and some other odd cities out here in the same position. are they going to do that to them? and i can't help but believe that the re pudation of democracy is a sad day for america. i know naacp has prepared a lawsuit, along with others to appeal this decision. but i think this is a sad day in america and democracy. but guess what, this is theca anywayy in the coal mine. what's to detroit now will happen to you later. and about the health care thing, they think the menu is messed up. the actual food was great in the restaurant. >> right. >
Al Jazeera America
Dec 3, 2013 7:00pm EST
manager kevin orr is going to start working on a plan of adjustment or reorganization plan for the city, and he hopes to have a plan in place by the end of the year. he said repeatedly today he wants this plan to be consensu consensual, he wants to bring everyone to the bargaining table, the unions and creditors, he wants it as humane as possible but he couldn't make promises to people. you could interpret that as meaning everybody could take some sort of a haircut. >> and the unions, they're not waiting. they're head to go federal court to try to appeal this? >> reporter: yes, the first union to say that they're going to appeal the decision, and others are likely to follow. >> what has been the reaction from people as far as concerned about the future of the city of detroit, and how do you attract firefighters and police and other city workers if they know that future pensions could be in jeopardy? >> reporter: well, that's difficult, you know, we'll start with the retirees. they're making between anywhere $19,000 to $9,000 a year. i talked to a couple of retirees who said if our pensi
Al Jazeera America
Dec 4, 2013 2:00am EST
other contract. the union says it will press their case with kevin orr, when he draws up the plan. >> when you are a creditor, you make investment decisions. if you work for the city of new york and you retire, and someonisomeon someonisomeon "sorry didn't mean it." orr promised to work with the union. >> i can tell them that the reality is there's not enough money to address the situation, no matter what we do. >> asmi has filed an appeal. others could follow. >> legal experts say the ruling is unlikely to prompt a rush of bankruptcy filings, but gives more leverage in pension negotiations. lawmakers take action, trying to stop the crisis. governor pat quinn says he's sign a bill. unions are threatening to sue. the pension system has an unfunded liability of $100 billion. chicago mayor says ill has serious debt problems, saying: >> vice president joe biden is now in china, the second stop on his trip to the far east. he plans to talk with chinese official's confrontation with japan. both claim a group of islands. china declared its air defense zone includes the air space over the
FOX Business
Dec 3, 2013 11:00am EST
. >> yeah, i don't think it's going to be -- dennis: we're going to go to kevin orr, and see what he has to say right now. >> meticulous ruling in in this regard. we're also pleased that we're able to make some headway, even end this process, on revitalizing city services, putting in a new solid waste contract, getting the lights initiative restored, helping the new police chief drive down crime and otherwise reinvent and revitalize the city is that it can address the many concerns that have been coming this way for so long. but as i said before, we have a lot of work ahead of us, and what i would ask both our creditors -- none of whom, by the way, filed an objection to our eligibility -- but equally important, our labor partners to come forward with us and to take this opportunity even end the process of litigation and appeals to try to get at the sorely needed reform that this city has got to achieve so we can move forward into a new day. and we can prepare, hopefully, a consensual plan of adjustment and be with able to remove the receivership over the city so that it can grow and thri
Al Jazeera America
Dec 3, 2013 6:00pm EST
here? >> well look, you heard what kevin orr said in that lead-in piece. i wouldn't say all bets are off. these are human beings. but the fact of the matter, detroit has huge legacy payments, $18 billion in debt and a significant amount of that is going to retirees. because of the loss of population and drop of revenue they just can't make ends meet. are all bets off? i wouldn't go that far but people are going to see reductions. i think there would be reductions across the board. there has to be. and it remains to be seen how far the city is going to go or what they're going push for. the judge made it clear-- >> explain this to me. you can't get draconian with the cuts, but when rhode islands pensioners saw their pensions cut by 55%. in california they opted to keep pension payments, but they gave up health insurance. so a couple of ways that you can cut this and slice this. what do you think of pension cuts clearly on the table in the detroit case, what are we talking here? 50%? less? more? >> look, you look at different people differently. you've got people who are retired fr
Al Jazeera America
Dec 3, 2013 9:00pm EST
manager kevin orr says it offers a clean slate for the city ac's model of urban decay. >> the city can go forward and pay it's bills as they come due under due course. >> an inability to deliver the most consistent basic services including police and fire protection. detroit filed for chapter nine in july $18 billion in debilities aldebt allright orr e table. the zoo and it's assets could be sold off and thear galler the ay too. under the debate center is the pension debts. >> i hope that they leave us alone. retirees are in the cross hairs. now 71 she spent her career working for the city. her pension $885 a month is now in jeopardy. it's like the city is trying to kill us all off. all of the people that are retired because they are not going to take care of us like they should. >> she has good reason for concern the bankruptcy judge ruled that city pensions are not protected under the state's constitution. a reversal afte of a of long he. the impact is personal. she suffers from heart disease and has lost his eye sight and and binny is his primary caregiverrer. >> i might as well have
Al Jazeera America
Dec 3, 2013 11:00pm EST
other contract. the union will speak to kevin orr. >> when you are an institutional creditor you make investment decisions. if you work for the city of detroit for your life and retire and someone says, "sorry, didn't mine it." that's a different situation. kevin orr told reporters that he would work with the unions, but wouldn't make promises. >> we are trying to be thoughtful. measured and humane about what we have to do. the reality is there's not enough money to address the situation. >> an appeal has been filed by some. others may follow. >> joining us from detroit is reverend charles williams, a pastor at the king solomon baptist church, and the president of the national action network michigan chapter. reverend, it's good to see you. thanks for joining us. >> thank you for having me. >> as i understand it the number of members of your church could be impacted by the decision. what is your reaction? . >> the city of detroit will be affected. 20,000 folks on the pension system could be flung into poverty. 21,000 people that won't buy cars, or shop, or that won't be able to go to
PBS
Dec 19, 2013 6:00pm PST
's completed its report for city manager kevin orr on some 2,800 city-owned artworks, setting a value for them at between $450 million and $870 million. the auction house also presented orr with several other options that could avoid selling the work. mark stryker covers the arts for the detroit free press and joins us now. mark, we just heard some of the arguments against selling the art. how much pressure is there to at least look at selling some of it, and where is it coming from? >> well, there's extraordinary amount of pressure to look at selling the art. the fact is the city does own the art, which is unusual. most civic museums are not literally owned by the city. they're independent nonprofits. but here the collection is owned by the city. and that makes it a city asset which means in bankruptcy it's vulnerable to sale. and you have creditors, including city pensioners and retirees who are pushing for a sale as well as bondholders to recover more of their losses. kevin orr, the emergency manager has been charged with restructuring the city finances. he has to find money. there's a big
Al Jazeera America
Dec 3, 2013 8:00pm EST
with the emergency manager kevin orr. >> if you work for the city of detroit for your entire life and then you retire and somebody just says, sorry didn't really mean it. that's a very different situation. orr told reporters he is willing to work with the unions but wouldn't make any promises to them can tel them. >> what i can tell them is that the reality is that there is not enough money to address the situation no matter what we do. the judge said the appeals process should go along at the same time. roger penske has been trying to bring racing back to detroit and blue cross has moved 3000 employees to downtown offices >> john was a police officer for 32 years and i asked him about the possibility of losing his pensions. we followed the guidelines from day one. we paid into a pension fund from the day we joined. that is what the department demanded and we did it we didn't pay into social security. the only social security i paid into was prior to the police department when i was in the military. it was employee contribution and collective bargaining and when i got ready to retire under the contra
Al Jazeera America
Dec 4, 2013 6:00pm EST
for future generations. >> and we'll have a better idea of what is on the line when kevin orr submits his restructuring line in the next two hazard. >> will selling detroit's art make even a department in the city's debt? >> reporter: when you look at the $18 billion and the work, not really. that may work in the dia's attention daughters 'cause it would take attention away from them and put it on something else. >> bisi onile-ere in detroit. >>> the department of housing and urban development has released it's latest statistics for homelessness. across the country the number of homeless people are down. but homelessness is up in large urban areas in las vegas, for example. the city holds one-tenth of the city's homelessness. last no the federal government cut an additional 5% from funds for homeless. we'll look at how l.a. is handling homelessness. >> this is home sweet home. >> home sweet home for alexander on the streets of la's skid row. this is alexander's living room, kitchen, library and bedroom. >> you never get a full night creep because you never know what is going to happen. i
Al Jazeera America
Dec 4, 2013 8:00pm EST
. emergency manager kevin orr and creditors a snapshot of how much the art is worth, willing to pay off $18 billion in death. just a day after the judge ruled the city is eligible for bankruptcy. a fire sale of the city's prized art. >> i said on march 25th that everything was on the table and that remains true. even now, these seven months later. >> with donated an pped endowed artwork off limits from now, chrisies, estimates, up to 3,000 pieces of work, among them paintings and sculptures by world renown artists such as breugel and van gogh. >> some creditors are disappointed that the value is what they are. the hope was that the value would be much higher. >> creditors who are going after the city for what they are owed, might go after the artwork. >> creditors will fight as hard as they can. >> during the eligibility hearing federal judge steven rhodes didn't say whether he would allow the sale of the artwork. but he cautioned to take extreme care when deciding to sell assets. meanwhile, the dia released this statement. the zia remains hopeful that the emergency manager will continue to
Al Jazeera America
Dec 4, 2013 11:00pm EST
institute of arts. the appraisal gave kevin orr and creditors a snapshop of what it's worth and if it's worth selling to pay off $18 billion in debt. the disclosure coming a day after a judge ruled the city is able to declare bankruptcy. >> i said when i was in this room on march 25th that everything was on the table. that remains true. even now these seven months later. >> with donated and endowed off limits off limit, the report reflects the value of about 5% of the museum's collection. it amounts to nearly 3,000 pieces of work. among them paintings and sculptures by artists such as bruegel and van goh. >> some creditors would be disappointed that the valued assets would be low. >> university of detroit law professor larry dubin says creditors could go after the art for compensation. >> creditors will fight as hard as they can. >> during detroit's bankruptcy elegibility hearing, steven rhodes didn't say whether they'd allow the sale of artwork, cautioning the city to take care when deciding to sell assets. meanwhile, the detroit institution of arts is readying itself for a fight. th
FOX News
Dec 3, 2013 3:00pm PST
. >> reporter: the cuts and changes are not immediate. action really starts when the emergency manager, kevin orr, presents what is called the plan for adjustment that. gets the ball rolling. it's expected before the end of the year. brett? >> mike tobin live in detroit tonight. mike, thanks. more on this with the panel. >>> a second straight down day on wall street. the dow lost 94. s & p fell 6. the nasdaq was off 8. up next, what could be law enforcement's worst nightmare. and you can make them at home. but first what some of our fox affiliates across the country are covering tonight. fox 5 in new york with the latest on sunday's deadly train derailment. a union official says the engineer caught himself nodding off at the controls prior to the crash. fox 13 in tacoma on seattle seahawks fans rocking their stadium so hard during last night's game it registered as an earthquake. and this is a live look at our denver affiliate, kdvr. the big story there tonight, preparations for what could be the coldest air in years. temperatures below 0 are forecast wednesday, thursday and friday in denver,
MSNBC
Dec 8, 2013 9:00am PST
emergency manager kevin orr is expected to deliver the final plan of reorganization within the next few weeks. this is called a plan of adjustment. in chapter nine, this is how you restore the city, cut the debts, and you eventually hope to exit bankruptcy. the problem is, you need a lot of creditors to sign off. so the pensioners are waiting to see the details of those cuts. >> i'll bet they are. the pension cuts certainly on the table. how likely is that to happen, and what do you think the impact is going to be if they go through with it? >> kevin orr has said pension cuts are necessary to balance the books. and judge rhodes last week did sign off on cuts. now, the judge said he's not going to approve this lightly. he's not going to allow kevin orr to aggressively cut pensions unless others are aggressively cut as well. we are waiting to see. pennies on the dollar was the first offer, but no one expected that to be the final offer. no retirees are going to lose their pensions altogether. the question is how significant will the cut be. >> so what is the argument that remains for thos
CNBC
Dec 3, 2013 7:00pm EST
of detroit kevin orr will come up with a proposal, a plan for restructuring that $18 billion worth of debt to present to the bankruptcy court. he says he wants to do it by january. he says he wants to see if he can reach a deal with the unions in that plan but that's hard to see how that's going to happen since the unions are against this agreement, the ruling today. and are appealing. larry? >> john yang thank you very much. we'll watch this carefully as we go along. thanks again. now get ready for a big nationwide protest tomorrow. unions are pushing thousands of fast food workers and other restaurant employees to rally for a $15 per hour minimum wage. well president obama want as $10 wage. currently the thing is only 7.25. hey if raising the minimum wage was that good for the economy i would say let's go straight to $100 an hour. it doesn't work. we'll have that story and minimum wage debate just ahead on "the kudlow report". [ paper rustles, outdoor sounds ] ♪ [ male announcer ] laura's heart attack didn't come with a warning. today her doctor has her on a bayer aspirin regimen to he
FOX News
Dec 3, 2013 1:00pm PST
ruling. the city manager, kev-in orr, said, i don't like it but it comes down to dollars and cents and there just aren't enough of either. >> we're trying to be very thoughtful, measured, and humane, about what we have to do. what i can tell them is that the reality is, there's not enough money to address the situation, no matter what we do. that is clear. >> reporter: and that's the bottom line, i think, on this, neil. there are no winners here. going to appeal. the judge says he will not stay his ruling pending appeal. this thing is going forward. it's unclear, though, how much of a haircut the pensioners will have to take. that is yesterday to be decided and the judge says it's going to be as fair as it can be, whatever it is. >> jeff in detroit, thank you. >> this opportunity today gives us a chance, i think to move forward with a clean slate. >> clean slate maybe but in detroit questions perennially. other financially strapped cities tomorrow. dave says bring the bankruptcies on if that's what it takes, the only way for taxpayers to get a break. dave, there are lot of cities a
PBS
Dec 3, 2013 3:00pm PST
manager, kevin orr, has said the city is now using 40 cents of every dollar collected to pay its debts. he warns that figure could rise to 65 cents without bankruptcy relief. >> major cuts in retirement benefits for thousands of state employees, and retirees, the legislature approved a bill that also raises the state retirement age. it is the latest effort to help erase the state's $100 billion pension shortfall. boston in the nation, the governor said he will sign the bill. >> the the house voted today to renew a long-standing ban on plastic firearms that can evade metal detectors and x-ray machines. the republican-sponsored bill passed on a voice vote, extending the ban another ten years. democrats supported the measure even though they wanted greater restrictions. virginia congressman bobby scott said the guns should contain metal parts that cannot be detached. >> the law has a critical loophole which may encourage the production of firearms that may escape detuck shun. >> they may produce a firearm that is detectable only because it has a metal component, which is not essential to the
CNBC
Dec 3, 2013 1:00pm EST
been delegated now to an emergency manager appointed by the state. his name is kevin orr, a bankruptcy lawyer by training. he, too, said today's ruling means detroit could get a fresh start. >> come with us, take this opportunity even in the process of litigation and appeals to try to get at the sorely needed reform that this city has got to achieve so we can move forward into a new day. >> orr got some criticism from judge steven rods who said he did mislead the public about the pension situation and the unions are seizing on that within moments of rode's ruling detroit's largest union filed its notice of appeal. about the open thing they say could head that off is if the state and republican governor rick snyder offers some help to michigan's largest city. >> and if the governor is not going to examine to the table, other parties are not going to come to the table to keep some of their promises to these retirees, then we have to continue fighting until that -- unless and until that happens. >> and so the fight will continue, but now while it goes on, there will be the hard work of tr
Al Jazeera America
Dec 5, 2013 6:00am EST
are worth. kevin orr and creditors have been given a snaphot of what it's worth and if it's worth selling off to pay some of the $18 billion debt. the city is eligible for bankruptcy, and orr hasn't ruled out a fire sale. >> i said when i was in the room on 25 march that everything was on the table. that is true even now. >> with donated and endowed artwork. off limits. christy's reports reflect the value of 5% of the museum's collection. it amounts to 3,000 pieces of work. among them paintings and sculptures by world renowned artists such as bruegel and van go. >> some are disappointed the amount is lower than what it is. >> university of detroit law prover larry dubin says creditors seeking to claim what they are ode go after the city's art for compensation. >> i think creditors will fight as hard as they can. >> during the bankruptcy elegibility federal judge steven rhodes didn't say whether he'd allow the sale of prized artwork. he cautioned the city to take care when deciding to sell assets the detroit institute of arts is readying to a fight. they released this statement which reads
CNBC
Dec 3, 2013 4:00am EST
. but the emergency manager, kevin orr, says that he did what he had to do to satisfy that good faith standard. this decision will rest with judge steven rhodes, a very bus like u.s. bankrupt judge. he's promised a decision about four hours from now. you can be sure that whatever he decides will be appealed. and if he decides to approve the bankruptcy, that will set off a whole new set of battles about how to divvy up what's left of detroit's assets and restructure and the hope is that they can have a restructuring plan in place by early next year. ross. >> what time do we expect that decision, scott? >> we expect that decision at 10:00 eastern time, so about four hours or so from now. he's going to make the ruling from the bench and then will issue a written opinion after that. we expect there's going to be a lot of reaction to follow that. regardless of what he decides, a lot of court battles to follow. >> it's a big new day down there. thanks for that, scott. scott will be there all day from cnbc from detroit bringing us that news as it happens. >>> meanwhile, apple is buying topsy, reporte
Search Results 0 to 28 of about 29 (some duplicates have been removed)